Shah & Associates, P.C. Estate Planning & Elder Law Bloghttps://lawesq.net/blog
YOUR FAMILY • YOUR BUSINESS • YOUR LEGACYThu, 12 Sep 2019 15:55:49 +0000en-US
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1 https://wordpress.org/?v=5.2.3Neel Cruise Karaokehttps://lawesq.net/blog/2019/09/neel-cruise-karaoke/?utm_source=rss&utm_medium=rss&utm_campaign=neel-cruise-karaoke
https://lawesq.net/blog/2019/09/neel-cruise-karaoke/#respondThu, 12 Sep 2019 15:47:53 +0000https://lawesq.net/blog/?p=96632Continue Reading »]]>I’ve been told in the past that it’s easy for me to discuss Estate Planning, Elder Law and Financial Planning with my loved ones because I do it for a living. “You don’t even need to leave your ‘comfort zone’ to discuss it.” So I am now leaving my comfort zone and putting my money where my mouth is. I left my ‘safe space’ a year ago, and now I am doing it again by sharing a video of it with you and the world (explanation below.)

I get it. Telling someone important to you that:

they need to take care of their health care documents because you want to know their wishes,

their tax situation needs to be reviewed because you think they might be paying too much,

or you want to know how to pay for their long term-care, can be very difficult and awkward.

You know what’s even more awkward? Trying to have a conversation with a sibling about Mom’s care when you don’t know what Mom wanted. Or finding out that you will have to use most of your assets for your spouses care. Or realizing your adult children never named a guardian for your grandchild because you never asked if they had completed their Plan? I don’t have to tell you which has the more tragic outcome: having an uncomfortable conversation now, or waiting for event to happen and regretting never having had the conversation.

So here’s where I am putting it out there and showing you my awkwardness, but first a quick background: Last summer we went a cruise with about 50 family members. It was fantastic. I’ve always enjoyed singing, but I’ve never done it outside of a small group of extremely close friends. But I decided one night, to sign myself up for karaoke. It was to be in front of a room of strangers or the family members. I’d have to face my family for the rest of my life, and I would have to stand & perform in front of strangers, but I did it. You can probably sense my discomfort in the video, I was still shaking for a half-hour after doing it. But I am happy I did it. If for no other reason than to prove a point today.

Now I’m sharing the video with you (and everybody else on my mailing list.) But then it’s your turn. But you don’t have to do it alone: we can help you with the potentially uncomfortable dialogue about your or a loved one’s planning. Just reply to this email & we’ll make it happen. Click below to schedule your free call with me.

And in case you know anyone from “American Idol” or “The Voice” – feel free to forward it to them & let them know they can schedule a call with me too

Have a great day,

Neel

]]>https://lawesq.net/blog/2019/09/neel-cruise-karaoke/feed/0My Child Has a Disability. What Do I Need to Consider with Estate Planning?https://lawesq.net/blog/2019/09/my-child-has-a-disability-what-do-i-need-to-consider-with-estate-planning/?utm_source=rss&utm_medium=rss&utm_campaign=my-child-has-a-disability-what-do-i-need-to-consider-with-estate-planning
https://lawesq.net/blog/2019/09/my-child-has-a-disability-what-do-i-need-to-consider-with-estate-planning/#respondWed, 11 Sep 2019 14:53:15 +0000https://lawesq.net/blog/?p=96626Continue Reading »]]>As you grow older and are concerned about the future of a child with disability, the future can seem overwhelming or even daunting. Thankfully, sitting down with an experienced and knowledgeable estate planning lawyer gives you the chance to ask important questions and to articulate a plan that is aligned with your individual needs.

Start by creating a letter of intent. This is a formal letter of
instruction that includes details for your friends and family members if you
become unable to act due to a disability yourself or pass away.

Details about your online financial accounts and passwords in addition
to any personal details that someone might need to step into your life to care
for your loved one with disability should be included. This can include
strategies used for calming, daily routines, medications, therapist and other
important contact information.

Scheduling a consultation with an experienced estate planning lawyer
will help you to understand the vision of what you want your loved one’s future
to look like. It can be well worth it to sit down with a dedicated lawyer who
is familiar with the specific issues of estate planning.

Putting together an estate plan with a special needs trust enables you
to distribute property and funds in a way that does not interrupt or completely
block the government funding that your loved might rely on for support. It is
important to consider all the various aspects of planning ahead for your loved
one’s future and enabling someone else to step in and take quick action if need
be.

]]>https://lawesq.net/blog/2019/09/my-child-has-a-disability-what-do-i-need-to-consider-with-estate-planning/feed/0Lessons from the Jeffrey Epstein Estate: Creditors Firsthttps://lawesq.net/blog/2019/09/lessons-from-the-jeffrey-epstein-estate-creditors-first/?utm_source=rss&utm_medium=rss&utm_campaign=lessons-from-the-jeffrey-epstein-estate-creditors-first
https://lawesq.net/blog/2019/09/lessons-from-the-jeffrey-epstein-estate-creditors-first/#respondMon, 09 Sep 2019 13:08:39 +0000https://lawesq.net/blog/?p=96621Continue Reading »]]>A significant legal battle could hold more information for others approaching the estate planning process. The last will and testament of Jeffery Epstein was dated August 8th, just a couple of days before he was found dead in his jail cell.

Over $577 million in total assets, including collectibles and fine arts
are expected to be inside his estate and the estate shares information about
the creation of a trust to hold that property. When managing anyone’s estate,
expenses and debts are typically paid first, followed by spousal transfers and
charitable transfers once appropriate estate taxes have been paid. This
particular estate is likely to be embattled in litigation for a long period of
time to come given that creditors will be first in line.

This includes any plaintiffs who received a judgment in their favor against the estate will be eligible to get paid prior to any property passing through to the heirs. Creditors have to be satisfied first before any meaningful assets can be moved to a remainder person. Five different properties were included inside the will of Jeffery Epstein across Paris, the Virgin Islands, New Mexico and Florida.

Depending on whether or not his estate qualifies for the state level tax, this could lead to considerable revenue for New York. If you are concerned as you approach the estate planning process and want to consider steps in asset protection planning that could add a layer of risk mitigation in the future, schedule a consultation with a trusted attorney today.

]]>https://lawesq.net/blog/2019/09/lessons-from-the-jeffrey-epstein-estate-creditors-first/feed/0Can You Simplify Managing Your Loved One’s Estate?https://lawesq.net/blog/2019/09/can-you-simplify-managing-your-loved-ones-estate/?utm_source=rss&utm_medium=rss&utm_campaign=can-you-simplify-managing-your-loved-ones-estate
https://lawesq.net/blog/2019/09/can-you-simplify-managing-your-loved-ones-estate/#respondWed, 04 Sep 2019 13:26:22 +0000https://lawesq.net/blog/?p=96618Continue Reading »]]>We all know in the back of our minds that at some point in our lives we might have to sort through a loved one’s estate. And yet there’s no way to prepare for the emotional onslaught that you might experience in dealing with grief. That process can be overwhelming and can make it that much harder to navigate probate and other administration tasks. If you’re the executor, you need to be prepared for all the necessary tasks that unfold in managing an estate.

The executor’s role is mostly financial and it begins with
cataloguing all the assets in the estate. From there, the executor must pay off
debts and taxes and then distribute the remaining amount to beneficiaries and
heirs.

However, plenty of in-family executors will feel obligated
to do more. If the estate of the person who passed away was substantial and
complicated, it can be helpful to hire a professional executor to help with the
tasks. Any families in which there’s the potential for infighting could be the
perfect option for using a professional executor. If your role as the executor
in a loved one’s estate puts you smack in the middle of conflict.

If the estate is indeed complicated, some parts of it might
pass through probate whereas others, like assets inside a trust, don’t. Knowing
the difference and keeping a general tally of the progress across different projects
is important, especially for accounting purposes. An expert hired from the outside
can help you keep an accurate inventory and prepare for probate, if necessary.

The support of an outside professional executor, such as a
lawyer or corporation, can streamline the process for you. As a loved one, you
have enough to worry about. While you want efficient management of the estate,
this should not come at your personal expense during your time of grief.

]]>https://lawesq.net/blog/2019/09/can-you-simplify-managing-your-loved-ones-estate/feed/0Asset Protection for the Entrepreneurhttps://lawesq.net/blog/2019/09/asset-protection-for-the-entrepreneur/?utm_source=rss&utm_medium=rss&utm_campaign=asset-protection-for-the-entrepreneur
https://lawesq.net/blog/2019/09/asset-protection-for-the-entrepreneur/#respondTue, 03 Sep 2019 09:15:35 +0000https://lawesq.net/blog/?p=96615Continue Reading »]]>Many well-known career fields are often associated with important asset protection planning. From lawyers to doctors and others with substantial wealth, it’s important to think about how asset protection planning should expand into the world of entrepreneurship.
Don’t let your assets disappear- protect them!

It’s never been easier to start and scale a business. Every day there are new stories of people doing it from the comfort of their own home, building digital companies and scaling them to six and then seven figures.

Along the way, this entrepreneur might begin to translate some of those business achievements into other assets, like home and cars. But if these steps are undertaken without also considering the importance of asset protection, all it takes is one lawsuit to damage the assets you worked so hard to generate.

If you have a long-term view of your business, then asset protection
planning is another important step you take to secure your growth in the
company and ensure that the assets you’ve accumulated are used to support you
and your beneficiaries.

Another key aspect of being an entrepreneur is having the documentation
in place to protect you if you were to become disabled. A sudden disability can
derail your company completely if you don’t have a plan in place and a way to allow
someone else to make those key decisions for you.

The bottom line is that business owners and their companies cannot
afford to be exposed to vulnerabilities like lawsuits or the sudden stop of
company operations due to an accident or disability. Using estate and asset protection
planning tools empowers the entrepreneur and the key staff members at the
company with options should the need arise.

If your company is growing at a fast pace but you don’t have
the documentation or asset protection tools like trusts in place, sitting down
with the right asset protection planning lawyer is one of the most important
things you can do to protect your interests and your future.

]]>https://lawesq.net/blog/2019/09/asset-protection-for-the-entrepreneur/feed/0America’s “Forgotten Middle” in Long Term Care Planninghttps://lawesq.net/blog/2019/09/americas-forgotten-middle-in-long-term-care-planning/?utm_source=rss&utm_medium=rss&utm_campaign=americas-forgotten-middle-in-long-term-care-planning
https://lawesq.net/blog/2019/09/americas-forgotten-middle-in-long-term-care-planning/#respondMon, 02 Sep 2019 09:15:18 +0000https://lawesq.net/blog/?p=96611Continue Reading »]]>The baby boomer generation is bringing to light some of the most common challenges with long-term care and future planning. Since it’s expected that many people passing their retirement age might have to continue to work for financial reasons and then also need some form of health support like a nursing home or assisted living, studies show that plenty of older adults have no plan at all.
Many seniors will need LTC planning

It’s not a problem of limited facilities: in response to the
trends in long term care, plenty of facilities and organizations have been
created to help the elderly with their daily lives. But the costs associated
with these facilities are out of reach for a broad portion of the population.

According to a recent
report in Health Affairs, by 2029 there might be as many as 14.4 million
seniors with middle-income status. More than half of them will have some type
of mobility limitation, and one out of every five will require some sort of
high-level functional support. Even though these statistics show that it’s
likely plenty of this population will need either assisted living or long-term
care housing, about half of them won’t have the resources to pay for it.

The housing market targeting seniors has experienced major
growth and changes in the past few decades, no doubt in response to the baby
boomer generation requiring more older age support. In total, around two
million senior tap into the residence options provided by senior living and a
good majority have functional dependence issues, high chronic illness rates,
and complex medical concerns.

Without tools like long-term care insurance, which is
expensive, a market with its own challenge like spiking premiums, and is best
purchased years or decades before the care is needed, plenty of seniors will be
exposed to challenges in paying for the care they need. Between those who have
substantial resources and/or long-term care and those who easily qualify for
Medicaid, there are plenty of seniors in between who have no access to care
without planning.

Talking to an estate planning lawyer gives you care options and helps you map out a path to qualify for Medicaid in the future should the need arise.

]]>https://lawesq.net/blog/2019/09/americas-forgotten-middle-in-long-term-care-planning/feed/0What Can I Put in a Trust?https://lawesq.net/blog/2019/08/what-can-i-put-in-a-trust/?utm_source=rss&utm_medium=rss&utm_campaign=what-can-i-put-in-a-trust
https://lawesq.net/blog/2019/08/what-can-i-put-in-a-trust/#respondFri, 30 Aug 2019 12:45:20 +0000https://lawesq.net/blog/?p=96607Continue Reading »]]>Not all assets belong in a trust, and knowing the difference can help you make the right choice for your assets. The easiest way to figure out whether or not a trust can help you is to sit down with your lawyer and make a list of all the assets you own.

There are several types of assets commonly transferred into trusts. These include: life insurance policies, antiques and collectibles, business interests, investments and money market accounts, deposits inside credit unions and banks, realy property, and stocks.

The trust is only formally set up when you take these assets and transfer them into the ownership of the trust itself. It is at this point that these assets are truly owned by the trust and under the management of the trustee you have chosen.

Since trusts offer a lot of benefits, using one is a common way to ensure you’ve considered all your estate planning issues across the board. Benefits include passing on your assets without having them go through probate, putting aside certain assets for the care of someone in your family with special needs, establishing requirements for beneficiaries to meet before assets will be distributed, and creating a plan for managing your business or personal assets.

With many trust tools out there, it’s important to be well-informed. Not all trusts are created equal. Deciding what’s right for you and your intentions might look different from your neighbor or coworkers. Sitting down with an attorney in New Jersey who has experience in estate planning and using trusts will give you a better perspective on how to best leverage these tools.

]]>https://lawesq.net/blog/2019/08/what-can-i-put-in-a-trust/feed/0Are You Holding Your Estate Cards Close to Your Chest?https://lawesq.net/blog/2019/08/are-you-holding-your-estate-cards-close-to-your-chest/?utm_source=rss&utm_medium=rss&utm_campaign=are-you-holding-your-estate-cards-close-to-your-chest
https://lawesq.net/blog/2019/08/are-you-holding-your-estate-cards-close-to-your-chest/#respondTue, 27 Aug 2019 14:00:38 +0000https://lawesq.net/blog/?p=96603Continue Reading »]]>Planning ahead for potential incapacitation, Medicaid use, and estate planning all feel inherently personal. In fact, they hit so close to home that plenty of people never even begin the process of estate planning.

But for those who do, the planning is often the first and last step they take. A study recently found that most heirs have no idea what their loved ones intend to do with assets. Among those who said they hadn’t told their family members about estate plans, 10 percent reported that it wasn’t anyone else’s business what they chose to do with their assets.

But holding your cards close to your chest like this could backfire in the heat of the moment. Various old copies of wills, verbal agreements to give a certain loved one a treasured piece of art, and sibling rivalry can all lead to additional confusion and even decimation of the assets you’ve worked so hard to build over your life.

In total, at least sixty-four percent of people stated in the study that they’d never talked with their family members about estate planning. Most of those respondents shared that their estates and assets would be divided equally among their heirs, whereas others used different criteria to decide who would get what.

Most families take the top-down approach, with the person who holds most of the assets being the sole decisionmaker when it comes to what happens to those items and the money. If you intend to keep your estate as private as possible, consider sharing your plans and key documents with your estate planning attorney so that someone in the know has access to this information during a crisis, such as if something happens to you unexpectedly. Talking to an attorney can provide you with further information on tools to use and how often to update your material.

]]>https://lawesq.net/blog/2019/08/are-you-holding-your-estate-cards-close-to-your-chest/feed/0Does A Pour-Over Will Really Offer Me Any Advantages?https://lawesq.net/blog/2019/08/does-a-pour-over-will-really-offer-me-any-advantages-2/?utm_source=rss&utm_medium=rss&utm_campaign=does-a-pour-over-will-really-offer-me-any-advantages-2
https://lawesq.net/blog/2019/08/does-a-pour-over-will-really-offer-me-any-advantages-2/#respondTue, 27 Aug 2019 13:29:55 +0000https://lawesq.net/blog/?p=96600Continue Reading »]]>You might have heard the term pour-over will while discussing the
possibility of a revocable living trust with your estate planning lawyer. A
living trust is often used in conjunction with a pour-over will.

The essence of how this works is that all property that passes through your will at the time of your death is transferred into a trust and is then distributed to trust beneficiaries that you named while you are still alive. Many people might be curious about whether or not there are advantages to using a pour-over will.

What’s the reason for having a will that does nothing except transfer property into your trust? The answer is that your estate planning attorney might recommend that it’s a good idea to have all of your assets protected by the terms of only one document and that is your trust document.

There are three major advantages to using this pour-over will. First of all, trusts are private unlike a will. Secondly, you won’t transfer everything you own into your living trust, but the pour-over will gives you a sense of completeness because it takes care of assets that you don’t get around to transferring into the trust prior to your death.

Finally, the last advantage of a pour-over will is simplicity. It makes it extremely clear as to who receives what and, therefore, makes that process simpler for your trustee and executor, who are responsible for wrapping up your estate after you pass away.

]]>https://lawesq.net/blog/2019/08/does-a-pour-over-will-really-offer-me-any-advantages-2/feed/0Have You Made These Mistakes in Your Financial Powers of Attorney?https://lawesq.net/blog/2019/08/have-you-made-these-mistakes-in-your-financial-powers-of-attorney/?utm_source=rss&utm_medium=rss&utm_campaign=have-you-made-these-mistakes-in-your-financial-powers-of-attorney
https://lawesq.net/blog/2019/08/have-you-made-these-mistakes-in-your-financial-powers-of-attorney/#respondMon, 26 Aug 2019 09:15:19 +0000https://lawesq.net/blog/?p=96597Continue Reading »]]>A power of attorney document is instrumental in outlining who is
eligible to step in and manage your finances if you become unable to do so.
Unfortunately, far too many people make mistakes in the process of creating a
financial power of attorney. While this document doesn’t need to be difficult
or complicated to make, it is critical that you do it properly with the help of
an experienced estate planning lawyer.

There are six major mistakes that can be made in your financial power of
attorney, many of which can be completely avoided by sitting down and working
with an estate planning lawyer who has extensive experience in the creation of
these documents. These common mistakes include:

Not giving authority over all types of your property. You might want to provide a comprehensive list or specify which type of property they are eligible to make decisions about.

Not enabling your financial institutions to work with you in advance. Make sure that you have filled out the paperwork to the specifications of these banks or credit unions.